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Public Notice No. 14/ 2024 - 10-07-2024 Customs
Exchange Rates wrongly fed for currency USD for SBs dated 07th Sep-2023
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Exchange rate error caused excess export incentives; stakeholders must reverse amounts with interest and provide proof to customs.
An incorrect USD rate was fed into ICES on 07-09-2023, causing 464 shipping bills across INTUT1 and INTUT6 to receive excess Drawback, RoDTEP and RoSCTL. Stakeholders must reverse the excess amounts with interest and submit proof and detailed calculation worksheets to the Drawback & IGST Refund Section; non-compliance will invite fines and penalties under the Customs Act 1962. Detailed lists of affected shipping bills are enclosed and a contact is provided for difficulties.
Instruction No.18/2024 - 10-07-2024 Customs
Applicability of SCOMET policy on Irregular aluminium Powder -Clarification by DGFT
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SCOMET applicability clarified: spherical aluminium powder and reactive aluminium powders require SCOMET licensing, with lab or inspection verification allowed.
DGFT clarifies that spherical or spheroidal aluminium powder under categories 3A301.c and 6A008.c is subject to SCOMET, with government or NABL accredited laboratory reports acceptable for shape and size determination. Aluminium powder that is reactive in nature under 6A008.h is subject to SCOMET regardless of size or shape; powders made under vacuum or using noble gases may be considered reactive. Customs may verify by factory inspection or accept exporter documentary proof to its satisfaction.
223/17/2024 - 10-07-2024 GST
Amendment in circular no. 1/1//2017 in respect of Proper officer for provisions relating to Registration and Composition levy under the Central Goods and Services Tax Act, 2017 or the rules made thereunder
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Proper officer designation shifted to Superintendent of Central Tax, reallocating registration and composition levy functions and requiring trade notices.
Functions relating to registration and composition levy under specified provisions of the CGST Act and associated CGST Rules are reassigned to the Superintendent of Central Tax, replacing prior assignment to Assistant or Deputy Commissioners/Directors; recipients must issue trade notices and report implementation difficulties to the Board.
15 - 10-07-2024 FEMA
Remittances to International Financial Services Centres (IFSCs) under the Liberalised Remittance Scheme (LRS)
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Liberalised Remittance Scheme expanded: resident individuals may use IFSC foreign currency accounts for broader financial and cross-border transactions.
Remittances under the Liberalised Remittance Scheme to IFSCs are expanded: resident individuals may open Foreign Currency Accounts in IFSCs to avail financial services or products within IFSCs and to conduct all permissible current and capital account transactions in other foreign jurisdictions through such FCAs; Authorised Persons must inform customers and the Master Direction on LRS will be updated, subject to other legal permissions.
SEBI/HO/ISD/ISD-PoD-2/P/CIR/2024/99 - 09-07-2024 SEBI
Master Circular on Surveillance of Securities Market
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Surveillance of securities market: exchanges and depositories implement PAN-based freezes and automated disclosures to curb insider trading.
Master Circular consolidates SEBI surveillance directives requiring initial listing trades in a Trade for Trade segment, mandating intermediaries to implement internal conduct controls against circulation of unauthenticated market news, standardising PIT disclosure formats and reporting of Code of Conduct violations, and implementing system-driven disclosures and automated dissemination. It establishes a portal-based framework where Designated Depositories auto-populate DP PAN/demat details, listed companies confirm trading-window dates at least T-2 days, and depositories/exchanges freeze PAN at ISIN level to restrict on- and off-market transactions during trading-window closures with time-bound procedures for additions and exemptions.
SEBI/HO/AFD-1/AFD-1-PoD/P/CIR/2024/100 - 09-07-2024 SEBI
Information to be filed by schemes of AIFs availing dissolution period/additional liquidation period and conditions for in-specie distribution of assets of AIFs
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Dissolution period for AIF schemes requires filing an information memorandum and merchant banker due diligence, with investor approval.
SEBI permits AIF schemes to opt for a dissolution period for unliquidated investments, requiring submission of an information memorandum to SEBI via a merchant banker before the expiry of the liquidation or additional liquidation period; the merchant banker must furnish a Due Diligence Certificate confirming compliance with Regulation 29 and adequacy of disclosures. Schemes seeking an additional liquidation period must submit prescribed information for SEBI consideration. In specie distributions (other than mandatory distributions) require approval of at least seventy five percent of investors by value. Managers, trustees/sponsors and key personnel are responsible for compliance and inclusion of these matters in the Compliance Test Report.
GST Circular No. 14/2024 - 09-07-2024 GST - States
Reduction of Government Litigation—Fixing monetary limits for filing appeals or applications by the Department before GSTAT, High Courts and Supreme Court.
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Monetary limits for government appeals restrict filing to matters above prescribed thresholds, with defined exclusions and safeguards.
Chief Commissioner, on GST Council recommendation, fixes monetary thresholds below which State tax officers shall not file appeals or Special Leave Petitions under the RGST Act before GSTAT, High Courts and the Supreme Court. The thresholds apply to aggregated disputed amounts-tax (all components), interest, penalty, late fee and refunds-and to composite orders. Non filing under these limits does not create precedent or imply acquiescence; reviewing authorities must record the non filing reason and departmental representatives must notify the forum that non filing was due to the prescribed monetary limit. Specific exclusions to the limits are enumerated.
GST Circular No. 13/2024 - 09-07-2024 GST - States
Mechanism for providing evidence of compliance of conditions of section 15(3)(b)(ii) of the RGST Act, 2017 by the suppliers
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Reversal of Input Tax Credit: CA/CMA certificate or recipient undertaking required to evidence ITC reversal for post-supply discounts.
Discounts given by issuance of tax credit notes after supply may be excluded from taxable value only if the recipient has proportionately reversed the input-tax credit as required by section 15(3)(b)(ii). Until portal verification exists, suppliers must obtain a CA/CMA certificate from the recipient certifying the reversal, including credit note and invoice details, ITC reversal references and UDIN; for discounts below a monetary threshold in a financial year, a recipient undertaking with the same details is acceptable. Such certificates/undertakings are admissible evidence and must be produced to tax officers when required, including for past periods.
GST Circular No. 12/2024 - 09-07-2024 GST - States
Clarification on availability of input-tax credit on ducts and manholes used in network of optical fiber cables (OFCs) in terms of section 17(5) of the RGST Act, 2017
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Input-tax credit availability on ducts and manholes for optical fiber networks affirmed, not barred by immovable-property exclusions.
ITC on ducts and manholes used in OFC networks for telecommunication services is not barred by the immovable-property exclusions in section 17(5) of the RGST Act because, under the Explanation to section 17, such ducts and manholes function as part of plant and machinery used to make outward supplies and are not excluded as land, buildings, telecommunication towers or external pipelines.
GST Circular No. 11/2024 - 09-07-2024 GST - States
Clarification regarding taxability of the transaction of providing loan by an overseas affiliate to its Indian affiliate or by a person to a related person
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Supply between related persons: loans with only interest are exempt from GST, while separate processing fees remain taxable.
Supply between related persons is treated as a supply even without consideration; services of extending loans are exempt from GST when consideration is only interest or discount. Distinct charges such as processing or administrative fees constitute taxable consideration for loan processing/facilitation services and attract GST. Where related parties charge no such fees beyond interest/discount, there is no taxable service and open market valuation should not be applied.
GST Circular No. 10/2024 - 09-07-2024 GST - States
Entitlement of ITC by the insurance companies on the expenses incurred for repair of motor vehicles in case of reimbursement mode of insurance claim settlement
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Input tax credit entitlement for reimbursement claims: insurers may claim ITC for approved motor vehicle repair costs.
Insurers may claim ITC on motor vehicle repair services in reimbursement claims because the insurer is the recipient for the approved repair liability; ITC entitlement is limited where invoicing and reimbursement diverge - two separate invoices allow credit on the insurer issued invoice, whereas a single invoice to the insurer yields credit only to the extent of the approved reimbursement; absent an invoice in the insurer's name, credit is not available.
GST Circular No. 09/2024 - 09-07-2024 GST - States
Clarification in respect of GST liability and input tax credit (ITC) availability in cases involving Warranty/Extended Warranty.
Show AI Summary
Extended warranty taxation treats separately supplied or later-sold coverage as services, while warranty stock replenishment remains GST-neutral.
Warranty replacement treatment applies to replacement of goods as well as parts. Where a distributor replaces goods or parts from its own stock on behalf of a manufacturer and receives replenishment without separate consideration, no GST is payable on replenishment and no input tax credit reversal is required by the manufacturer. Extended warranty is part of a composite supply of goods only when supplied by the goods supplier at original supply; otherwise, including when supplied later, it is a separate taxable supply of services.
GST Circular No. 08/2024 - 09-07-2024 GST - States
Clarification on taxability of salvage / wreck value earmarked in the claim assessment of the damage caused to the motor vehicle.
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Motor insurance salvage taxability depends on ownership: insurers pay GST only when full claim settlement transfers salvage to them.
GST on motor-vehicle salvage depends on ownership under the insurance contract. If salvage value is deducted from a total-loss claim, the salvage remains the insured's property and the deduction is not consideration for a supply by the insurer; no GST liability arises for the insurer. If the claim is settled for the full insured declared value without a salvage deduction, the salvage becomes the insurer's property, and GST is payable on its subsequent sale or supply.
GST Circular No. 07/2024 - 09-07-2024 GST - States
Clarification on the requirement of reversal of input tax credit in respect of the portion of the premium for life insurance policies which is not included in taxable value.
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Input tax credit reversal does not apply where life insurance premium is excluded from taxable value under prescribed valuation rules.
Input tax credit reversal is not required for the portion of premium excluded from taxable value under Rule 32(4) for taxable life insurance policies. Premium allocated to investment or savings is excluded under the valuation mechanism but does not become an exempt or non-taxable supply. The life insurance service remains taxable, and exclusion of consideration from taxable value does not change its tax character. Accordingly, the credit-reversal provisions applicable to exempt supplies do not apply to such excluded premium.
GST Circular No. 06/2024 - 09-07-2024 GST - States
Clarification on the taxability of ESOP/ESPP/RSU provided by a company to its employees through its overseas holding company.
Show AI Summary
ESOP reimbursements remain outside GST when made at cost, while overseas facilitation charges attract reverse-charge tax.
Securities and shares issued under ESOP, ESPP or RSU arrangements are neither goods nor services under GST law. A cost-to-cost reimbursement by an Indian subsidiary to its overseas holding company for shares transferred directly to employees does not constitute an import of services and is not liable to GST. However, any additional fee, markup or commission charged by the overseas holding company is consideration for facilitating or arranging the securities transaction. GST applies to that additional amount as an import of services, payable by the Indian subsidiary under reverse charge.
GST Circular No. 05/2024 - 09-07-2024 GST - States
Clarification on time of supply in respect of supply of services of construction of road and maintenance thereof of National Highway Projects of National Highways Authority of India (NHAI)in Hybrid Annuity Mode (HAM) model.
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Continuous supply of services governs tax timing for HAM highway contracts, with annuity interest included in taxable value.
HAM highway concession agreements for construction, operation and maintenance constitute a single continuous supply of services and cannot be split based on staggered payment terms. Where invoices are issued by the specified contractual date or event-completion date, tax liability arises on the earlier of invoice issuance or receipt of payment. If invoices are not timely issued, liability arises on the earlier of the contractual payment due date, treated as the service-provision date, or receipt of payment. Interest included in annuity instalments is includible in taxable value.
GST Circular No. 04/2025 - 09-07-2024 GST - States
Clarification on various issues pertaining to GST treatment of vouchers.
Show AI Summary
Voucher GST treatment: trading is outside supply, while agency commissions and ancillary services remain taxable.
Transactions in vouchers are outside GST supply: RBI-recognised prepaid vouchers used to settle obligations qualify as money, while other vouchers are actionable claims other than specified actionable claims. Principal-to-principal voucher trading for a margin is therefore not taxable. However, commission or fee earned by agents and distributors for voucher distribution, and consideration for ancillary services such as marketing, customisation or support, is taxable as a supply of services. Unredeemed voucher breakage is not taxable where no underlying supply occurs and no agreement provides for non-redemption charges.
GST Circular No. 03/2025 - 09-07-2024 GST - States
Clarification on place of supply of Online Services supplied by the suppliers of services to unregistered recipients.
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Place of supply for online services follows the unregistered recipient's recorded State, requiring mandatory invoice disclosure and reporting.
For online services supplied to unregistered recipients, the recipient's State name recorded on the tax invoice is deemed to be the address on record, making the recipient's location the place of supply. This requirement applies irrespective of supply value to online money gaming, OIDAR services, and all online services supplied through a supplier's own digital platform or an electronic commerce operator. Suppliers must obtain and record the recipient's State before supply and declare the recipient-based place of supply in FORM GSTR-1/1A. Omission of mandatory invoice particulars may attract penal action.
GST Circular No. 02/2024 - 09-07-2024 GST - States
Clarifications on various issues pertaining to special procedure for the manufacturers of the specified commodities as per Notification No. F.12 (1) FD /Tax/2024-71 dated 09.01.2024
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Special manufacturing procedure clarifies machine disclosures, engineer certification, exclusions for manual packing, and compliance by job workers.
The special procedure requires specified machine particulars in FORM GST SRM-I, with mandatory machine numbers and final-packing machine details. Where electricity consumption data is unavailable, it may be calculated and certified by an eligible practicing Chartered Engineer, with the certificate uploaded with the form. Goods without MRP must report sale price in FORM GST SRM-II. The procedure excludes SEZ units and specified manual packing operations, while applying to manufacturers, job workers and contract manufacturers; a principal manufacturer bears compliance responsibility where the job worker or contract manufacturer is unregistered.
GST Circular No. 01/2025 - 09-07-2024 GST - States
Clarification in respect of input tax credit availed by electronic commerce operators where services specified under Section 9(5) of Rajasthan Goods and Services Tax Act, 2017 are supplied through their platform
Show AI Summary
Input tax credit for electronic commerce operators remains available, but specified service tax liabilities require payment through cash ledger.
Electronic commerce operators liable to pay tax on specified services supplied through their platforms under Section 9(5) of the Rajasthan Goods and Services Tax Act, 2017 need not reverse input tax credit proportionately under Sections 17(1) or 17(2). This principle applies to all services notified under Section 9(5). The tax liability on such specified services must be paid entirely through the electronic cash ledger. Input tax credit relating to inputs and input services used to facilitate those supplies cannot be used for that liability, but may be utilised against tax payable on the operator's own platform-related supplies.

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SEBI

Institutional mechanism by Asset Management Companies for identification and deterrence of potential market abuse including front-running and fraudulent transactions in securities

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Market abuse deterrence mechanism required for asset managers to detect alerts, process investigations and report regulatory actions.
AMCs must implement an institutional mechanism to identify and deter market abuse, including front running and fraudulent transactions, combining alert ... Summary

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Acts Income Tax
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